Qatar Airways CEO: Boeing Win Over Airbus was a ‘Very Close Call'
The chief executive of Qatar Airways has shared new insight into the decision-making process behind last week's enormous aircraft order.
On May 14, the airline signed a historic deal with Boeing for up to 210 widebody planes. The contract, first announced by the White House during a visit to Doha by President Trump, is one of the largest orders of its type in Boeing's history.
Speaking to CNN, Qatar Airways CEO Badr Mohammed Al-Meer described the decision to select the U.S. manufacturer over its European rival as 'a very, very, very, close call.'
Al-Meer said the procurement work for the new aircraft started in early 2024. He highlighted that both companies, plus their associated engine-makers, were in contention until the final stages.
'We started the process almost a year and a half ago when we decided to create a competition through this RFP [request for proposal] between both aircraft manufacturers – Airbus and Boeing – as well as both engine suppliers, GE and Rolls-Royce,' said the Qatar Airways CEO.
Despite Boeing ultimately winning the order, Al-Meer suggested that Ai
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
3 minutes ago
- Yahoo
MOGU Full Year 2025 Earnings: CN¥7.14 loss per share (vs CN¥6.85 loss in FY 2024)
Explore MOGU's Fair Values from the Community and select yours MOGU (NYSE:MOGU) Full Year 2025 Results Key Financial Results Revenue: CN¥141.2m (down 12% from FY 2024). Net loss: CN¥62.6m (loss widened by 5.5% from FY 2024). CN¥7.14 loss per share (further deteriorated from CN¥6.85 loss in FY 2024). Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. All figures shown in the chart above are for the trailing 12 month (TTM) period MOGU shares are down 2.9% from a week ago. Risk Analysis You should always think about risks. Case in point, we've spotted 1 warning sign for MOGU you should be aware of. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Business Wire
4 minutes ago
- Business Wire
Sally Beauty Holdings Reports Third Quarter Fiscal 2025 Results
DENTON, Texas--(BUSINESS WIRE)--Sally Beauty Holdings, Inc. (NYSE: SBH) (the 'Company'), the leader in professional hair color, today announced financial results for its third quarter ended June 30, 2025. The Company will hold a conference call today at 7:30 a.m. Central Time to discuss these results and its business. Fiscal 2025 Third Quarter Summary Consolidated net sales of $933 million, a decrease of 1.0% compared to the prior year; Consolidated comparable sales decrease of 0.4%; Global e-commerce sales of $99 million, represents 10.6% of net sales; GAAP gross margin expands 50 basis points to 51.5%; Adjusted Gross Margin expands 100 basis points to 52.0%; GAAP operating earnings of $78 million and GAAP operating margin expands 80 basis points to 8.4%; Adjusted Operating Earnings of $86 million and Adjusted Operating Margin expands 30 basis points to 9.2%; GAAP diluted net earnings per share of $0.44, increases 22% over the prior year; Adjusted Diluted Net Earnings Per Share of $0.51, increases 13% over the prior year; Cash flow from operations of $69 million and Operating Free Cash Flow of $49 million; and Completes $21 million in term loan repayment and $13 million in share repurchases. 'Our third quarter results, including improved topline trends and solid year-over-year growth in operating profit, showcase the resilience of our business and the customer service focus of our team,' said Denise Paulonis, president and chief executive officer. 'Ongoing financial rigor, coupled with our fuel for growth initiative, drove double-digit earnings per share growth and a fourth consecutive quarter of adjusted operating margin expansion. Importantly, our talented teams are continuing to advance our strategic pillars against a complex macro backdrop. Given the strength of our third quarter, we are raising our adjusted operating margin guidance for full year fiscal 2025.' Fiscal 2025 Third Quarter Operating Results Third quarter consolidated net sales were $933.3 million, a decrease of 1.0% compared to the prior year. The Company was operating 35 fewer stores at the end of the quarter compared to the prior year and foreign currency translation had no impact on consolidated net sales for the quarter. Global e-commerce sales were $99 million, or 10.6% of consolidated net sales, for the quarter. Consolidated comparable sales decreased 0.4%, primarily reflecting macro uncertainty, which impacted consumer spending at Sally Beauty, partially offset by strong growth in hair color and digital marketplaces at Sally Beauty as well as continued momentum at Beauty Systems Group from expanded distribution and new brand innovation. Consolidated gross profit for the third quarter was essentially flat at $481.0 million compared to $480.9 million in the prior year. Consolidated GAAP gross margin was 51.5%, an increase of 50 basis points compared to 51.0% in the prior year. Consolidated Adjusted Gross Margin, excluding the inventory write-off from the Company's European operations in connection with the fuel for growth initiative, was 52.0%, an increase of 100 basis points compared 51.0% in the prior year. The increase was driven primarily by the Sally Beauty segment, which delivered higher product margin resulting from benefits from the Company's fuel for growth initiative, lower distribution and freight costs, and lower shrink expense. GAAP selling, general and administrative (SG&A) expenses totaled $402.8 million, a decrease of $5.9 million compared to the prior year. As a percentage of sales, SG&A expenses were 43.2% compared to 43.4% in the prior year. Adjusted Selling, General and Administrative Expenses, excluding the Company's costs related to the fuel for growth initiative, expenses related to the sale of the Company's corporate headquarters, and other non-recurring expenses, totaled $398.9 million, an increase of $2.1 million compared to the prior year. The increase was driven primarily by higher labor and other compensation-related expenses, and higher information technology costs, partially offset by $6.4 million in savings from the Company's fuel for growth initiative and lower depreciation expense. As a percentage of sales, Adjusted SG&A expenses were 42.7% compared to 42.1% in the prior year. GAAP operating earnings and operating margin in the third quarter were $78.2 million and 8.4%, respectively, compared to $71.8 million and 7.6%, in the prior year. Adjusted Operating Earnings and Operating Margin, excluding the Company's costs related to the fuel for growth initiative, expenses related to the sale of the Company's corporate headquarters, costs related to restructuring efforts, and other non-recurring expenses, were $86.1 million and 9.2%, respectively, compared to $84.1 million and 8.9%, in the prior year. GAAP net earnings in the third quarter were $45.7 million, or $0.44 per diluted share, compared to GAAP net earnings of $37.7 million, or $0.36 per diluted share, in the prior year. Adjusted Net Earnings, excluding the Company's costs related to the fuel for growth initiative, expenses related to the sale of the Company's corporate headquarters, costs related to restructuring efforts, the loss on debt extinguishment, and other non-recurring expenses, were $52.4 million, or $0.51 per diluted share, compared to Adjusted Net Earnings of $48.1 million, or $0.45 per diluted share, in the prior year. Adjusted EBITDA in the third quarter was $115.3 million, a decrease of 1.3% compared to the prior year, and Adjusted EBITDA Margin was 12.4%, flat to the prior year. Balance Sheet and Cash Flow As of June 30, 2025, the Company had cash and cash equivalents of $113 million and no outstanding borrowings under its asset-based revolving line of credit. At the end of the quarter, inventory was $1.01 billion, down 1.7% versus a year ago. Third quarter cash flow from operations was $69.4 million and Operating Free Cash Flow totaled $49.1 million. During the quarter, the Company utilized its cash flow to repay $21 million of term loan B debt and repurchase 1.5 million shares under its share repurchase program at an aggregate cost of $13 million. The Company ended the quarter with a net debt leverage ratio of 1.7x. Fiscal 2025 Third Quarter Segment Results Sally Beauty Supply Segment net sales were $526.8 million in the quarter, a decrease of 1.8% compared to the prior year with a 1.1% decrease in segment comparable sales. The segment operated 32 fewer stores at the end of the quarter compared to the prior year and had a favorable impact of 10 basis points from foreign currency translation on reported sales. Segment e-commerce sales were $43 million, or 8.2% of segment net sales, for the quarter. GAAP gross margin increased by 110 basis points to 60.9% compared to the prior year. GAAP operating earnings were $83.3 million compared to $86.9 million in the prior year, representing a decrease of 4.2%. GAAP operating margin decreased to 15.8% compared to 16.2% in the prior year. Beauty Systems Group Segment net sales were $406.5 million in the quarter, an increase of 0.2% compared to the prior year with a 0.5% increase in segment comparable sales. The segment had an unfavorable impact of 10 basis points on reported sales from foreign currency translation and operated 3 fewer stores at the end of the quarter compared to the prior year. Segment e-commerce sales were $56 million, or 13.7% of segment net sales, for the quarter. GAAP gross margin was flat to the prior year at 39.4%. GAAP operating earnings were $50.7 million compared to $46.8 million in the prior year, representing an increase of 8.4%. GAAP operating margin in the quarter was 12.5% compared to 11.5% in the prior year. Fiscal Year 2025 Guidance* The Company is updating its full year comparable sales outlook to the high end of the prior range and raising its full year Adjusted Operating Margin guidance to reflect current business trends. Full Year Comparable sales are expected to be approximately flat (previously flat to down 1%) Consolidated net sales are expected to be approximately 75 basis points lower than comparable sales due to the expected unfavorable impact from foreign exchange rates on full year net sales and operating approximately 30 fewer stores compared to the prior year Adjusted Operating Margin is expected to be in the range of 8.6% to 8.7% (previously 8.0% to 8.5%) * The Company does not provide a reconciliation for forward-looking non-GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of its reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of the Company's control or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. Expand Conference Call and Where You Can Find Additional Information The Company will hold a conference call and live webcast at approximately 7:30 a.m. Central Time today, August 5, 2025, to discuss its financial results and its business. During the conference call, the Company may discuss and answer one or more questions concerning business and financial matters and trends affecting the Company. The Company's responses to these questions, as well as other matters discussed during the conference call, may contain or constitute material information that has not been previously disclosed. Participants can listen to the live webcast of the conference call by accessing the investor relations section of the Company's website at or through our third-party host at SBH Q3 Earnings Webcast. To join the conference call, participants can pre-register to receive a dial-in number and unique PIN using the following link: Pre-register SBH Q3 Earnings Call. Pre-registration can be completed at any time up to and following the call start time. A replay will be available on the Company's investor relations website after 10:00 a.m. Central Time on August 5, 2025, through August 5, 2026. About Sally Beauty Holdings, Inc. Sally Beauty Holdings, Inc. (NYSE: SBH), as the leader in professional hair color, sells and distributes professional beauty supplies globally through its Sally Beauty Supply and Beauty Systems Group segments. Sally Beauty Supply stores offer up to 7,000 products for hair color, hair care, nails, and skin care through proprietary brands such as Ion®, Bondbar®, Strawberry Leopard®, Generic Value Products®, Inspired by Nature® and Silk Elements® as well as professional lines such as Wella®, Clairol®, OPI®, L'Oreal®, Wahl® and Babyliss Pro®. Beauty Systems Group stores, branded as Cosmo Prof® or Armstrong McCall® stores, along with its outside sales consultants, sell up to 8,000 professionally branded products including Paul Mitchell®, Wella®, Matrix®, Schwarzkopf®, Kenra®, Goldwell®, Joico®, Amika® and Moroccanoil®, intended for use in salons and for resale by salons to retail consumers. For more information about Sally Beauty Holdings, Inc., please visit Cautionary Notice Regarding Forward-Looking Statements Statements in this news release and the schedules hereto that are not purely historical facts or that depend upon future events may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of words such as 'believes,' 'projects,' 'expects,' 'can,' 'may,' 'estimates,' 'should,' 'plans,' 'targets,' 'intends,' 'could,' 'will,' 'would,' 'anticipates,' 'potential,' 'confident,' 'optimistic,' or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations and future plans. Forward-looking statements can also be identified by the fact that these statements do not relate strictly to historical or current matters. Readers are cautioned not to place undue reliance on forward-looking statements as such statements speak only as of the date they were made. Any forward-looking statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including the 'Risk Factors' described under Item 1A of our Annual Report on Form 10-K for the fiscal year ended September 30, 2024, and other filings with the U.S. Securities and Exchange Commission. Consequently, all forward-looking statements in this release are qualified by the factors, risks and uncertainties contained therein. We assume no obligation to publicly update or revise any forward-looking statements. Use of Non-GAAP Financial Measures This news release and the schedules hereto include the following financial measures that have not been calculated in accordance with accounting principles generally accepted in the United States, ('GAAP'), and are therefore referred to as non-GAAP financial measures: (1) Adjusted Gross Margin; (2) Adjusted Selling, General and Administrative Expenses; (3) Adjusted EBITDA and EBITDA Margin; (4) Adjusted Operating Earnings and Operating Margin; (5) Adjusted Net Earnings; (6) Adjusted Diluted Net Earnings Per Share; and (7) Operating Free Cash Flow. We have provided definitions below for these non-GAAP financial measures and have provided tables in the schedules hereto to reconcile these non-GAAP financial measures to the comparable GAAP financial measures. Adjusted Gross Margin – We define the measure Adjusted Gross Margin as GAAP gross margin excluding the inventory write-off from the Company's European operations in connection with the fuel for growth initiative for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures. Adjusted Selling, General and Administrative Expenses – We define the measure Adjusted Selling, General and Administrative Expenses as GAAP selling, general and administrative expenses excluding the costs related to the Company's fuel for growth initiative, expenses related to the sale of the Company's corporate headquarters, and other non-recurring expenses for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures. Adjusted EBITDA and EBITDA Margin – We define the measure Adjusted EBITDA as GAAP net earnings before depreciation and amortization, interest expense, income taxes, share-based compensation, costs related to the Company's fuel for growth initiative, expenses related to the sale of the Company's corporate headquarters and other non-recurring expenses for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of net sales. Adjusted Operating Earnings and Operating Margin – Adjusted operating earnings are GAAP operating earnings that exclude the costs related to the Company's fuel for growth initiative, expenses related to the sale of the Company's corporate headquarters, costs related to restructuring efforts, and other non-recurring expenses for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures. Adjusted Operating Margin is Adjusted Operating Earnings as a percentage of net sales. Adjusted Net Earnings – Adjusted net earnings is GAAP net earnings that exclude the tax-effected the costs related to the Company's fuel for growth initiative, tax-effected expenses related to the sale of the Company's corporate headquarters, tax-effected costs from the loss on debt extinguishment, tax-effected costs related to restructuring efforts, and tax-effected other non-recurring expenses for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures. Adjusted Diluted Net Earnings Per Share – Adjusted diluted net earnings per share is GAAP diluted earnings per share that exclude the tax-effected costs related to the Company's fuel for growth initiative, tax-effected expenses related to the sale of the Company's corporate headquarters, tax-effected costs from the loss on debt extinguishment, tax-effected costs related to restructuring efforts, and tax-effected other non-recurring expenses for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures. Operating Free Cash Flow – We define the measure Operating Free Cash Flow as GAAP net cash provided by operating activities less payments for capital expenditures (net). We believe Operating Free Cash Flow is an important liquidity measure that provides useful information to investors about the amount of cash generated from operations after taking into account payments for capital expenditures (net). We believe that these non-GAAP financial measures provide valuable information regarding our earnings and business trends by excluding specific items that we believe are not indicative of the ongoing operating results of our businesses, providing a useful way for investors to make a comparison of our performance over time and against other companies in our industry. We have provided these non-GAAP financial measures as supplemental information to our GAAP financial measures and believe these non-GAAP measures provide investors with additional meaningful financial information regarding our operating performance and cash flows. Our management and Board of Directors also use these non-GAAP measures as supplemental measures to evaluate our businesses and the performance of management, including the determination of performance-based compensation, to make operating and strategic decisions, and to allocate financial resources. We believe that these non-GAAP measures also provide meaningful information for investors and securities analysts to evaluate our historical and prospective financial performance. These non-GAAP measures should not be considered a substitute for or superior to GAAP results. Furthermore, the non-GAAP measures presented by us may not be comparable to similarly titled measures of other companies. SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Earnings (In thousands, except per share data) (Unaudited) Three Months Ended June 30, Nine Months Ended June 30, 2025 2024 Percentage Change 2025 2024 Percentage Change Net sales $ 933,307 $ 942,340 (1.0 )% $ 2,754,348 $ 2,782,003 (1.0 )% Cost of products sold 452,322 461,457 (2.0 )% 1,337,706 1,370,872 (2.4 )% Gross profit 480,985 480,883 0.0 % 1,416,642 1,411,131 0.4 % Selling, general and administrative expenses 402,812 408,730 (1.4 )% 1,168,776 1,210,303 (3.4 )% Restructuring — 383 (100.0 )% — 361 (100.0 )% Operating earnings 78,173 71,770 8.9 % 247,866 200,467 23.6 % Interest expense 15,709 20,707 (24.1 )% 49,440 58,544 (15.6 )% Earnings before provision for income taxes 62,464 51,063 22.3 % 198,426 141,923 39.8 % Provision for income taxes 16,740 13,339 25.5 % 52,479 36,565 43.5 % Net earnings $ 45,724 $ 37,724 21.2 % $ 145,947 $ 105,358 38.5 % Earnings per share: Basic $ 0.46 $ 0.37 24.3 % $ 1.44 $ 1.01 42.6 % Diluted $ 0.44 $ 0.36 22.2 % $ 1.40 $ 0.98 42.9 % Weighted average shares: Basic 100,463 103,190 101,367 104,477 Diluted 103,239 105,897 104,187 107,186 Basis Point Change Basis Point Change Comparison as a percentage of net sales Consolidated gross margin 51.5 % 51.0 % 50 51.4 % 50.7 % 70 Selling, general and administrative expenses 43.2 % 43.4 % (20 ) 42.4 % 43.5 % (110 ) Consolidated operating margin 8.4 % 7.6 % 80 9.0 % 7.2 % 180 Effective tax rate 26.8 % 26.1 % 70 26.4 % 25.8 % 60 Expand SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands) (Unaudited) June 30 2025 2024 Cash and cash equivalents $ 112,800 $ 107,961 Trade and other accounts receivable 95,957 92,188 Inventory 1,005,365 1,036,624 Other current assets 47,522 68,541 Total current assets 1,261,644 1,305,314 Property and equipment, net 256,472 269,872 Operating lease assets 589,960 582,573 Goodwill and other intangible assets 597,165 598,226 Other assets 38,859 36,914 Total assets $ 2,744,100 $ 2,792,899 Current maturities of long-term debt $ 4,000 $ 4,127 Accounts payable 193,040 269,424 Accrued liabilities 165,291 162,950 Current operating lease liabilities 155,591 136,068 Income taxes payable 5,920 20,100 Total current liabilities 523,842 592,669 Long-term debt, including capital leases 882,383 978,255 Long-term operating lease liabilities 468,998 479,616 Other liabilities 20,874 22,066 Deferred income tax liabilities, net 85,094 91,758 Total liabilities 1,981,191 2,164,364 Total stockholders' equity 762,909 628,535 Total liabilities and stockholders' equity $ 2,744,100 $ 2,792,899 Expand Supplemental Schedule 1 SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Segment Information (In thousands) (Unaudited) Three Months Ended June 30, Nine Months Ended June 30, 2025 2024 Percentage Change 2025 2024 Percentage Change Net sales: Sally Beauty Supply ("SBS") $ 526,782 $ 536,536 (1.8 )% $ 1,552,803 $ 1,573,015 (1.3 )% Beauty Systems Group ("BSG") 406,525 405,804 0.2 % 1,201,545 1,208,988 (0.6 )% Total net sales $ 933,307 $ 942,340 (1.0 )% $ 2,754,348 $ 2,782,003 (1.0 )% Operating earnings: SBS $ 83,305 $ 86,938 (4.2 )% $ 240,484 $ 241,387 (0.4 )% BSG 50,672 46,753 8.4 % 145,075 134,395 7.9 % Segment operating earnings 133,977 133,691 0.2 % 385,559 375,782 2.6 % Unallocated expenses (1) 55,804 61,538 (9.3 )% 137,693 174,954 (21.3 )% Restructuring — 383 (100.0 )% — 361 (100.0 )% Interest expense 15,709 20,707 (24.1 )% 49,440 58,544 (15.6 )% Earnings before provision for income taxes $ 62,464 $ 51,063 22.3 % $ 198,426 $ 141,923 39.8 % Segment gross margin: 2025 2024 Basis Point Change 2025 2024 Basis Point Change SBS 60.9 % 59.8 % 110 60.6 % 59.5 % 110 BSG 39.4 % 39.4 % — 39.6 % 39.4 % 20 Segment operating margin: SBS 15.8 % 16.2 % (40 ) 15.5 % 15.3 % 20 BSG 12.5 % 11.5 % 100 12.1 % 11.1 % 100 Consolidated operating margin 8.4 % 7.6 % 80 9.0 % 7.2 % 180 (1) Unallocated expenses, including share-based compensation expense, consist of corporate and shared costs and are included in selling, general and administrative expenses. Additionally, unallocated expenses include costs associated with our Fuel for Growth initiative and a gain from the sale of our corporate headquarters. Expand Supplemental Schedule 2 SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Non-GAAP Financial Measures Reconciliations (In thousands, except per share data) (Unaudited) Three Months Ended June 30, 2025 As Reported (GAAP) Fuel for Growth and Other (1) Corporate HQ Relocation (2) As Adjusted (Non-GAAP) Cost of products sold $ 452,322 $ (4,068 ) $ — $ 448,254 Consolidated gross margin 51.5 % 52.0 % Selling, general and administrative expenses 402,812 (3,737 ) (137 ) 398,938 SG&A expenses, as a percentage of sales 43.2 % 42.7 % Operating earnings 78,173 7,805 137 86,115 Operating margin 8.4 % 9.2 % Interest expense 15,709 — — 15,709 Earnings before provision for income taxes 62,464 7,805 137 70,406 Provision for income taxes (5) 16,740 1,263 10 18,013 Net earnings $ 45,724 $ 6,542 $ 127 $ 52,393 Earnings per share: (6) Basic $ 0.46 $ 0.07 $ 0.00 $ 0.52 Diluted $ 0.44 $ 0.06 $ 0.00 $ 0.51 Three Months Ended June 30, 2024 As Reported (GAAP) Fuel for Growth and Other (1) Restructuring (3) Loss on Debt Extinguishment (4) As Adjusted (Non-GAAP) Cost of products sold $ 461,457 $ — $ — $ — $ 461,457 Consolidated gross margin 51.0 % 51.0 % Selling, general and administrative expenses 408,730 (11,933 ) — — 396,797 SG&A expenses, as a percentage of sales 43.4 % 42.1 % Restructuring 383 — (383 ) — — Operating earnings 71,770 11,933 383 — 84,086 Operating margin 7.6 % 8.9 % Interest expense 20,707 — — (1,697 ) 19,010 Earnings before provision for income taxes 51,063 11,933 383 1,697 65,076 Provision for income taxes (5) 13,339 3,066 99 436 16,940 Net earnings $ 37,724 $ 8,867 $ 284 $ 1,261 $ 48,136 Earnings per share: (6) Basic $ 0.37 $ 0.09 $ 0.00 $ 0.01 $ 0.47 Diluted $ 0.36 $ 0.08 $ 0.00 $ 0.01 $ 0.45 Expand (1) Fuel for Growth and other represents expenses primarily related expenses associated with our Fuel for Growth program and other non-recurring items, including the divesture of operations in Spain. (2) Primarily represents expenses in connection with the relocation of our headquarters. (3) Restructuring represents expenses and adjustments incurred primarily in connection with our Distribution Center Consolidation and Store Optimization Plan. (4) Loss on debt extinguishment relates to the write-off of unamortized deferred financing costs related to the repricing of our Term Loan B due 2030. (5) The provision for income taxes was calculated using the applicable tax rates for each country, while excluding the tax benefits for countries where the tax benefit is not currently deemed probable of being realized. (6) The sum of the earnings per share may not equal the full amount due to rounding of the calculated amounts. Expand Supplemental Schedule 3 SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Non-GAAP Financial Measures Reconciliations, Continued (In thousands, except per share data) (Unaudited) Nine Months Ended June 30, 2025 As Reported (GAAP) Fuel for Growth and Other (1) Corporate HQ Relocation (2) Asset Impairment (3) As Adjusted (Non-GAAP) Cost of products sold $ 1,337,706 $ (4,068 ) $ — $ — $ 1,333,638 Consolidated gross margin 51.4 % 51.6 % Selling, general and administrative expenses 1,168,776 (12,412 ) 26,296 (1,779 ) 1,180,881 SG&A expenses, as a percentage of sales 42.4 % 42.9 % Operating earnings 247,866 16,480 (26,296 ) 1,779 239,829 Operating margin 9.0 % 8.7 % Interest expense 49,440 — — — 49,440 Earnings before provision for income taxes 198,426 16,480 (26,296 ) 1,779 190,389 Provision for income taxes (6) 52,479 3,485 (6,788 ) 444 49,620 Net earnings $ 145,947 $ 12,995 $ (19,508 ) $ 1,335 $ 140,769 Earnings per share: (7) Basic $ 1.44 $ 0.13 $ (0.19 ) $ 0.01 $ 1.39 Diluted $ 1.40 $ 0.12 $ (0.19 ) $ 0.01 $ 1.35 Nine Months Ended June 30, 2024 As Reported (GAAP) Fuel for Growth and Other (1) Restructuring (4) Loss on Debt Extinguishment (5) As Adjusted (Non-GAAP) Cost of products sold $ 1,370,872 $ — $ — $ — $ 1,370,872 Consolidated gross margin 50.7 % 50.7 % Selling, general and administrative expenses 1,210,303 (25,760 ) — — 1,184,543 SG&A expenses, as a percentage of sales 43.5 % 42.6 % Restructuring 361 — (361 ) — — Operating earnings 200,467 25,760 361 — 226,588 Operating margin 7.2 % 8.1 % Interest expense 58,544 — — (4,261 ) 54,283 Earnings before provision for income taxes 141,923 25,760 361 4,261 172,305 Provision for income taxes (6) 36,565 6,618 93 1,095 44,371 Net earnings $ 105,358 $ 19,142 $ 268 $ 3,166 $ 127,934 Earnings per share: (7) Basic $ 1.01 $ 0.18 $ 0.00 $ 0.03 $ 1.22 Diluted $ 0.98 $ 0.18 $ 0.00 $ 0.03 $ 1.19 Expand (1) Fuel for Growth and other represents expenses primarily related expenses associated with our Fuel for Growth program and other non-recurring items, including our divestiture of operations in Spain. (2) Primarily represents a $26.6 million gain from the sale of our headquarters in Denton, TX and expenses in connection with the relocation of our headquarters. (3) Impairment related to the write-off of certain tradenames used in Europe. (4) Restructuring represents expenses and adjustments incurred primarily in connection with our Distribution Center Consolidation and Store Optimization Plan. (5) Loss on debt extinguishment relates to the repayment of our 5.625% Senior Notes due 2025, which included a the write-off of unamortized deferred financing costs of $2.0 million, and overlapping interest, net of interest earned on short-term cash equivalents, in the amount of $0.5 million on such senior notes after February 27, 2024 and until their redemption. These pro-forma adjustments assume the redeemed senior notes were repaid on February 27, 2024 at the time of closing on our 6.75% Senior Notes due 2032. In connection with the repricing of our Term Loan B, we recognized a write-off of unamortized deferred financing costs of $1.7 million. (6) The provision for income taxes was calculated using the applicable tax rates for each country, while excluding the tax benefits for countries where the tax benefit is not currently deemed probable of being realized. (7) The sum of the earnings per share may not equal the full amount due to rounding of the calculated amounts. Expand Supplemental Schedule 4 SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Non-GAAP Financial Measures Reconciliations, Continued (In thousands) (Unaudited) Three Months Ended June 30, Nine Months Ended June 30, Adjusted EBITDA: 2025 2024 Percentage Change 2025 2024 Percentage Change Net earnings $ 45,724 $ 37,724 21.2 % $ 145,947 $ 105,358 38.5 % Add: Depreciation and amortization 24,669 28,516 (13.5 )% 75,593 83,533 (9.5 )% Interest expense 15,709 20,707 (24.1 )% 49,440 58,544 (15.6 )% Provision for income taxes 16,740 13,339 25.5 % 52,479 36,565 43.5 % EBITDA (non-GAAP) 102,842 100,286 2.5 % 323,459 284,000 13.9 % Share-based compensation 4,509 4,178 7.9 % 14,800 13,260 11.6 % Fuel for Growth and Other 7,805 11,933 (34.6 )% 16,480 25,760 (36.0 )% Corporate HQ Relocation 137 — 100.0 % (26,296 ) — 100.0 % Asset Impairment — — — 1,779 — 100.0 % Restructuring — 383 (100.0 )% — 361 (100.0 )% Adjusted EBITDA (non-GAAP) $ 115,293 $ 116,780 (1.3 )% $ 330,222 $ 323,381 2.1 % Basis Point Change Basis Point Change Operating Free Cash Flow: 2025 2024 Percentage Change 2025 2024 Percentage Change Net cash provided by operating activities $ 69,432 $ 47,895 45.0 % $ 153,953 $ 135,855 13.3 % Less: Payments for property and equipment, net (1) 20,300 19,149 6.0 % 15,697 63,808 (75.4 )% Operating free cash flow (non-GAAP) $ 49,132 $ 28,746 70.9 % $ 138,256 $ 72,047 91.9 % Expand (1) For the nine months ended June 30, 2025, payments for property and equipment, net include $43.6 million in proceeds from the sale of our corporate headquarters. Expand Supplemental Schedule 5 SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Store Count and Comparable Sales (Unaudited) As of June 30, 2025 2024 Change Number of stores: SBS stores 3,096 3,128 (32 ) BSG: Company-operated stores 1,198 1,200 (2 ) Franchise stores 131 132 (1 ) Total BSG 1,329 1,332 (3 ) Total consolidated 4,425 4,460 (35 ) Number of BSG distributor sales consultants (1) 611 659 (48 ) (1) BSG distributor sales consultants (DSC) include 191 sales consultants employed by our franchisees at June 30, 2025 and 2024. Three Months Ended June 30, Nine Months Ended June 30, 2025 2024 Basis Point Change 2025 2024 Basis Point Change Comparable sales growth (decline): SBS (1.1 )% 0.7 % (180 ) 0.1 % (1.7 )% 180 BSG 0.5 % 2.6 % (210 ) (0.2 )% 1.8 % (200 ) Consolidated (0.4 )% 1.5 % (190 ) 0.0 % (0.2 )% 20 Our comparable sales include sales from stores that have been operating for 14 months or longer as of the last day of a month and e-commerce revenue. Additionally, our comparable sales include sales to franchisees and full-service sales. Our comparable sales amounts exclude the effect of changes in foreign exchange rates and sales from stores relocated until 14 months after the relocation. Revenue from acquired stores is excluded from our comparable sales calculation until 14 months after the acquisition. Expand
CNBC
6 minutes ago
- CNBC
President Donald Trump to join 'Squawk Box' at 8 a.m. ET
President Donald Trump will join CNBC's "Squawk Box" on Tuesday around 8 a.m. ET for a wide-ranging conversation on the economy and the state of the U.S. Trump's interview comes as the administration juggles a slew of tariff negotiations as well as new U.S. jobs data that prompted the president to dismiss the head of the Bureau of Labor Statistics. Trump on Monday threatened even higher tariffs on Indian imports to the U.S., citing the country's purchases of Russian oil. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," Trump said in a Truth Social post. India responded by saying it's being "targeted" by the U.S. and European Union over those crude imports, with the country's foreign ministry saying: "it is revealing that the very nations criticizing India are themselves indulging in trade with Russia. Unlike our case, such trade is not even a vital national compulsion [for them]." Trump's comments also come after a July jobs report that not only missed expectations, but also included heavy downward revisions to June and May figures. The data led Trump to fire Bureau of Labor Statistics Commissioner Erika McEntarfer just hours after the Friday release. "We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY. She will be replaced with someone much more competent and qualified," Trump said in a separate post.
